Debtocracy
For the first time in Greece a documentary produced by the audience. Debtocracy seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media.
Debtocracy is a 2011 documentary film by Katerina Kitidi and Aris Hatzistefanou. The documentary mainly focuses on two points: the causes of the Greek debt crisis in 2010 and possible future solutions that could be given to the problem that are not currently being considered by the government of the country.
Aris Hatzistefanou, 34, is accustomed to uncomfortable reporting. A journalist since his teens, his long-running show infowar on Sky Radio was canceled just as his thought-provoking documentary, Debtocracy, was released.
From the authors: The idea came about during a Sky Radio show on how the Ecuadorian president was responding to the country’s massive debt. He started a simple financial audit of sovereign debt, and came to the conclusion that other countries were using Ecuador as a slave, like Argentina and many other countries before. The administration forced a haircut of 70% on its creditors.
Katerina Kitidi – editor in chief of TV XS – and I decided to produce the documentary. We faced a serious funding problem but, for obvious reasons, we didn’t want to ask any political parties, companies or – even worse – banks, so we resorted to crowd-funding.
It worked very well, we collected 8,000 euros in just 10 days, an unprecedented figure for a country like Greece, facing a serious economic crisis.
At the beginning this project was supposed to be a mere YouTube video. But because so many professionals offered their help (musicians, video editors), and so many people donated their money, it became a real documentary. The surplus was invested in promoting the movie.
A terrific documentary that reveals the underpinnings of odious debt, and reminds politicians they have a responsibility to act as true fiduciaries, for their clients, 'the people' they represent. Although it is mostly subtitled, it is a great watch, and very informative towards understanding global economics. (check it out)
great documentary ... "we the people" must rise against IMF, Fed, WorldBank, Corporate SLAVERY !
Excellent doc! Very eye opening. Thank you for posting.
Germany got it's money Canablising it's Eastern Brothers and Sister's. Catastroika I think is one of the best films I have ever seen on here.
RR
Great documentary, interesting perspective. Pity about the subtitles being a bit out of sync at times.
as a greek i can ensure the potential viewer that he or she will be informed about the true causes that lead greece to her fianacial collapse.
although, in my opinion, there are certain causes related to greek social pathology that are not presented in detail or not presented at all.
for example the role of greek orthodox church in huge economic scandals and unequal civil rights or the utterly corrupted judical system and the systematic violetion of human rights by the police.this crisis is not just economic , it is a social crisis and this is why it is tragic.
this is one of the few documentaries about the greek crisis that doesn t reproduce the propaganda of the mass media and for that alone it worths seeing.
as a greek i can ensure the potential viewer that he or she will be informed about the causes that lead greece in her fiancial collapse and the people who live in this country in despaire.
the pathology of greek society is not represented in detail so the viewer is maybe left with questions that i would be happy to answear.
for example it is not mentioned that there is unfortunantly a lot of people with opinions similar to pantsios who not only are part of the probleme but also prevent us to stop explotation around the globe.
i can't even watch the doc cuz of your racist comment, i cant belive how much hate i have for stupid people like you and so yu know i'm from europe and don't have nothing to do with Ecuador or any other "third " world country you mentioned being repolsed compared with your mighty and in the top 30 richest countrys in the world gREECE lool
wow pantsios you make me puke....you probably have wet dreams with gRECEE the old empire , imperialist trash
Its not only that with Ecuador , Ecuador has lots of democracy and rights issues in the ''inside'' so not a comparison By Far with Greece ....!
Im greek and i live in Greece im living the situation in Greece .
Though i agree with some things stated by the Docu i hate the fact that it compares Greece with all those corrupted latin america countries not that greece is a ''saint'' we have corruption in many state departments and in policy but which country hasnt even USA has we may be 1st in europe but we definetely arent wolrd leader COME ON! But come on we are not Ecuador for heaven sakes we are ..or since some time ago in 30 richest countries in the world!
Ok i agree USA is not a ''saint'' did awful ''crimes'' around the world even orchistrated 9/11 the biggest deception but still it seems Lapavatsis wants us to retreat Euro ...well i wonder if that would solve all of our problems in Greece .
Anyway Pro and Cons and damn not this latin america -greece comparison i hate it!
However good Docu as far the editing and analysis of world's Debts!
in the begining of the documentary they say we all played a part by putting the civil servants and other leaders in charge... but we dont really have much choice when voting for our leaders! It's always the choice between voting for one id**t who will be controlled by special interrest groups or another id**t who if is not already connected with those special interrest groups, will be recruited.
O MG........ Mann we are living in ****** world, controlled by ****** cooperation..... and guess who pays the price at the end ... are simple people.
i don't understand why the rich wants be richer, while the poor is trying to live one day....
i just loved the part when the french guy from the parliament was screaming "we give them money to buy weapons from us (hypocrite)" This shows U how the system is corrupted and all this economy crisis could have been avoided.
we are living in such system that makes you live on debts ... from biggest countries like the US to the smallest countries like Lesotho, every nation live on debts.
at the end i have to say that you have money,you the power, when you have the power you can do whatever you want
(IMF is scam )
OMFG, the GR wages have raised +27%, DE +7%. Thus Greek economy lost momentum and can't compete. "Ora et labora" on the one side and "Carpe diem" on the other side. Guess who is guilty? Why should Greece pay? Are they serious they deserved all those decades of big money and extra benefits comparing to the rest of the world? Their public sector is 3x bigger to the European average, their Joe Railwayman income is twice bigger to the German Jurgen Railwayman. Is Germany poor underdeveloped country? Greece economy haven't jumped "into first league", they have just multiplied all their bookkeeping by at least 1,27 I would guess by 4. "Greece was managed to be a lender"? Oh common, its up to them to keep/or not using the high yield credit card. Greeks aren't not children they have to pay their debts. They don't like it? Who cares.
Hello everybody, great documentary,
My only advice for everyone is : never get into a debt!!! Does not matter if you are a one citizen, company or a whole state.
If you have a debt your are becoming a sheep, a sheep controled by a shepherd (lender). And as you know, shepherd does not always have a best interests with his sheeps. Shortly, he will give them some freedom and grass, but in the end, they wil all end up at butchery.
So once again. Never get into a debt people.
This should not be an ideological, political, or class struggle. This is about global economic policies that are imperfect, combined with corrupt corporations, politicians, and lets be honest, elements of the population that protest today, that have profited from an imperfect and weakly regulated or controlled global economy.
Greeks are not lazy and they are not stupid. They have never and will never walk to their death or their own economic and political slavery.
Remember who you are and what you have contributed to this world. Do not be told you are unproductive, lazy, and inefficient. You were creating handheld computers out of bronze, created coins, commerce,and international trade over 2500 years ago.
Rise up, take back your nation recreate your industries, social programs and invest in the future of your children.
You are the cradle of civilization, fix it!
The analysis of how the debt crisis has developed over many years is mainly sound except when the various Marxist intellectuals interviewed in the video refer to old outdated slogans such as "class struggle". waxing ideological detracts from their valid criticisms. The remarks on an audit committee are sadly very true. Unfortunately non payment of the part of the debt they deem to be odious, e,g the Siemens debt, is not going to wash with creditors. The Marxist clearly want to destroy the system rather than reform it and rebuild it to their own ideological plan forgetting that humans are humans and once in power communists, like the rest , develop their own caste systems, party favourites, etc . Marxist economies have never succeeded and require authoritarian one-party regimes; but so-called western capitalism can survive when it has the will and ability to reform (big "ifs" admittedly). The best solution for Greece would be to tell the creditors that "enough is enough" and a that a disorderly default will ensue unless the debt is restructured after discussion and common understanding over 30 years with a five year grace period (for example ) at reasonable rates of interest. Germany and France, in particular have fragile banking systems heavily exposed to Greece and the global economic system from Brazil to China would be in danger of meltdown if Greece unilaterally defaults. It would be better for such countries to renegotiate the debt, on equal not dictatorial and insulting terms, with Greece rather than risk default and even debt repudiation.
It is time for the workers of greece to overthrow their goverment.
Take charge of the industries and have for the first time a Real Socialistic State. The only party that fortold and warned about all that's happening today in Greece is the communist Party and still is the only political body that tries to give the power to greek workers. As for the oportunists and others that say that debt is what causes today's crisis in greece, that's the real lie. The Capitalistic way of production and the Imperialism is what causes Greece, slow Death today. The debt is merely an excuse.
There is nothing racist about pointing out how germany's external policy works out and of course it is not racist to critisize a goverments work.
Noone implied that the german people is bad or whatever other name.
It is true thow that during the ww2 greece had their gold travel to berlin and many of countries infastructures worked beneficially to germany. Nevertheless greece was never compensated for these things.
IMF = International Maffia Fund.
Isn't it easy to go RACIST and blame things on Germany. Why not study Germany's ways and try to adopt some. They are making things (and quality things) people want. Real Easy. Greece on the otherhand doesn't make anything but they spend their time philosophizing to others.
The comment of German salary is absurd. It is kind of common sense that in German industry people get one of the best income in Europe.
I must admit im a high school grade...but since I started investing in gold 10 years ago, I remember that in the late 90s oil price was below or around 20 dollars a barrel. All prices went up a lot in commodities in the last 10 years...but the one that is the most important, is oil...People say its debt and greed and corruption for the problems of Pigs and Ireland and Scandinavians but I think its not true, I really start to think lately that oil is the culprit and I dont think oil is going to be cheaper in the future which leads me thinking that this is just the begining and other countries will follow. I let you imagine oil at 17 dollar a barrel in1997 and 100 dollar today, this is the type of thing that can hurt any country as long as it depands on it ( we all do in order to live nice and happy life)...
Yes, IMF does rip off every country it goes into. BUT Greece started the destruction of its economy by itself, no one "helped" it. Which industries does it have, what is it manufacturing? Mostly agricultural products (overpriced!), provides tourism services (even more overpriced!!). Have you seen anything "Made in Greece" except the Greek cheese?! The Greek economy has been having a series of NDEs (near death experiences) for many years. It lied everyone about its debt, Greeks themselves try to avoid paying taxes (the main source of governmental income!) at all cost. Good luck asking for a receipt anywhere in Greece when buying something - they'll look at you as if you are trying to rob them. Most purchases go off the book-keeping.
Yes, Germany, France and Holland do benefit from weak Euro more than other countries. BUT just because they manufacture and export actual products! With German Mark, French Franc and Dutch Guilder they would still be exporting a lot and would be well-off.
Now, everyone in EU is trying to save Greece, but the Greeks blame EVERYONE except themselves! Absolute nonsense! Greek are so proud of being GREEK that they cannot admit that they all contributed to this crisis and the collapse of their economy. They cannot export "history stories", "Greek philosophy" and "Olympic games" anymore, it's time now to finally start manufacturing something and provide good and adequate services.
The Greek professor is a perfect example of the ignorance and illiterate judgement present in the Greek society.
Much of the crisis is really just political, except for in the Eurozone, where it is institutional. For an example, the Americans do have a crisis - A political one. The democrats cannot spend too much, because they talked alot about "fiscal responsibility" under Reagan. Now they're being held to their statements in the past and so cannot do what is required to stabilize the economy at a socially acceptable level. The Republicans use this to push as hard as they can to move resources from labour to capital. It's really just political. The USD isn't backed by anything, so there isn't really a fiscal crisis. The US gov't isn't revenue-constrained and could easily solve the problems they have. The same goes for any other country with a modern currency.
The Eurozone is a different matter. The EZ is really a confederacy at the moment. It is half-way between decentralised nations and a federation of nations. This means it's impossible to solve crises like this one while still maintaining political credibility. Any way forward has to encompass a massive revamp of institutions relating to the Euro, or a re-decentralisation of currency. For that to happen, the thought has to materialise and mature in the minds of the electorates and parties of the EU. When that happens, it will be politically doable to solve the problems of today. Before that happens, it's impossible to maintain credibility at home and abroad simultaneously while pushing for change. For example - Papandreou could easily tell the rest of the EU off and return to the Drachma, but this would completely destroy his and Greece's credibility in the EU and with bondholders (who cares?). What he's doing now is the opposite. He's trying to maintain credibility with the EU and the bondholders, but ruining it at home.
If only it had been in English or in Russian... Reading subtitles is annoying :)